November 13, 2003
AXMIN CLOSES BROKERED PRIVATE PLACEMENT – CDN$10.5 MILLION RAISED
Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce that it has closed a brokered private placement of 15,000,000 Units at a price of Cdn$0.70 per Unit, for total gross proceeds of Cdn$10,500,000 (the “Offering”). A syndicate led by Octagon Capital Corporation and including Haywood Securities Inc. acted as agents (the “Agents”) for the private placement. Each Unit consists of one common share plus one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share of AXMIN at a price of Cdn$1.00 for a period of twelve months following closing of the Offering. AXMIN is encouraged that the original offering, announced on October 10, 2003, has been fully subscribed.
The net proceeds of the Offering will be used for funding the exploration and development activities associated with the Company’s properties located in the Central African Republic, Mali and Burkina Faso, and for general corporate purposes.
Coincident with this Offering AXMIN filed an annual information form dated November 3, 2003. Common shares acquired under the Offering are subject to applicable hold periods.
In consideration of their services as agents for the Offering, the Agents will receive:
- a cash compensation of 7% of the gross proceeds from the Offering excluding the gross proceeds of all Units sold to members of an Exempt Group; and
- non-transferable compensation warrants equal to 5% of the number of all Units sold excluding the number of Units sold to members of an Exempt Group.
The Exempt Group comprises the Company’s major shareholder, Addax Mining & Metals Limited, certain directors and officers of the Company, and certain other parties nominated by the Chairman of the Company. In total 5,000,000 Units were sold to members of the Exempt Group.
Addax Mining & Metals Limited, a wholly-owned subsidiary of The Addax & Oryx Group Limited, purchased 4,285,714 Units in the Offering.
Post completion of the Offering, AXMIN has a total of 98,801,908 common shares issued and outstanding.
AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across Africa, principally in the Central African Republic, Burkina Faso and Mali. |
